Avantor Performance Materials India Limited (erstwhile RFCL Limited)

May 25, 2018

Summary of rated instruments

Previous Rated Amount Current Rated Amount
Instrument* Rating Action
(Rs. crore) (Rs. crore)
Fund based facilities 15.00 15.00 [ICRA]BB (Negative) withdrawn
Non-fund based facilities 20.00 20.00 [ICRA]A4 withdrawn
Total 35.00 35.00
*Instrument details are provided in Annexure-1

Rating action
ICRA has withdrawn the long-term and short-term rating outstanding of [ICRA]BB/[ICRA]A4; (pronounced ICRA double B)/
(pronounced as ICRA A four)1 for the Rs. 35.00 crore2 fund-based and non-fund based bank facilities Avantor Performance
Materials Limited (erstwhile RFCL Limited) (APMIL/the company). The outlook on the long-term rating was ‘Negative’.

Rationale
The long-term rating and short-term rating assigned to Avantor Performance Materials Limited (erstwhile RFCL Limited)
have been withdrawn at the request of the company, based on the no objection certificate provided by its banker.

Analytical approach: For arriving at the ratings, ICRA has applied its rating methodologies as indicated below.

Links to applicable criteria:

Corporate Credit Rating Methodology

Rating Methodology for Chemical Industry

About the company:

APMIL manufactures laboratory chemicals and reagents, filtration and chromatography products. Additionally, it also
supplies diagnostic kits and equipment. The company offers a wide range of products that find application in the
biotechnology, pharmaceutical, electronics, chemicals, institutional, and environmental sectors, among various others.

The company started its operations in 1991 as Ranbaxy Bio Chemicals Limited. It was re-named to Ranbaxy Fine Chemicals
Limited in February 1996. In December 2005, the company was divested by Ranbaxy Laboratories Limited to ICICI Venture
Funds Management Company Limited (ICICI Ventures). Subsequent to the acquisition, it was again re-named as RFCL
Limited in November 2006. In November 2010, Avantor Performance Materials Holdings S.A. entered into a definitive
agreement to acquire the company from ICICI Ventures, and following the acquisition, the name of the company was finally
changed to its present one—APMIL.

1
For complete rating scale and definitions, please refer to ICRA's website www.icra.in or other ICRA Rating Publications

2 100 lakh = 1 crore = 10 million

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Key financial indicators
FY2016 FY2017
(Audited) (Provisional)
Operating Income (Rs. crore) 383.9 416.9
PAT (Rs. crore) 23.0 -35.1
OPBDIT/ OI (%) 10.4 -4.8
RoCE (%) 21.3 -16.6

Total Debt/ TNW (times) 1.1 1.1

Total Debt/ OPBDIT (times) 2.3 -4.7
Interest Coverage (times) 4.1 -2.1
NWC/ OI (%) 14.4 12.4

Status of non-cooperation with previous CRA: Not applicable

Any other information: None

Rating history for last three years:

Current Rating (FY2019) Chronology of Rating History for the past 3 years
S. Instrument Type Rated Amount Date & Date & Rating in Date & Date &
No. amount O/S (Rs. Rating FY2018 Rating in Rating in
(Rs. crore) FY2017 FY2016
Crores) May 2018 Sep 2017 Aug 2017 Dec 2016 Apr 2016
Fund [ICRA]BB
Long [ICRA]BB [ICRA]BB+ [ICRA]BBB- [ICRA]BBB-
1 based 15.00 - (Negative);
Term (Negative) (Negative) (Stable) (Stable)
facilities Withdrawn
Non-fund [ICRA]A4
Short
2 based 20.00 - Withdrawn [ICRA]A4 [ICRA]A4+ [ICRA]A3 [ICRA]A3
Term
facilities

Complexity level of the rated instrument:

ICRA has classified various instruments based on their complexity as "Simple", "Complex" and "Highly Complex". The
classification of instruments according to their complexity levels is available on the website www.icra.in

2
Annexure-1: Instrument Details
Amount
Date of Issuance / Coupon Maturity Current Rating
ISIN No Instrument Name Rated
Sanction Rate Date and Outlook
(Rs. crore)
[ICRA]BB
- Cash Credit - - - 15.00 (Negative);
Withdrawn
Letter of Credit/ Bank [ICRA]A4
- - - - 20.00
Guarantee Withdrawn
Source: APMIL

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ANALYST CONTACTS
Subrata Ray Anupama Arora
+91 22 6114 3408 +91 124 4545303
subrata@icraindia.com anupama@icraindia.com

Bishwarup Pakrasi
+91 124 4545346
bishwarup.pakrasi@icraindia.com

RELATIONSHIP CONTACT
Jayanta Chatterjee
+91 80 4332 6401
jayantac@icraindia.com

MEDIA AND PUBLIC RELATIONS CONTACT

Ms. Naznin Prodhani
Tel: +91 124 4545 860
naznin.prodhani@icraindia.com

Helpline for business queries:

+91-124-2866928 (open Monday to Friday, from 9:30 am to 6 pm)

info@icraindia.com

About ICRA Limited:

ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services
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Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited
Company, with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. The international Credit
Rating Agency Moody’s Investors Service is ICRA’s largest shareholder.

For more information, visit www.icra.in

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